The Money Store (company)

MLD Mortgage Inc., dba The Money Store
Industry Mortgage
Founded 1967
Headquarters Florham Park, New Jersey, United States
Number of locations
 licensed in 43 states
Key people
 Morton Dear, Chairman
Lawrence Dear, President and CEO
Products Mortgage loan
Services Mortgage Lending
Parent MLD Mortgage, Inc.
Website TheMoneyStore.com

The Money Store is a U.S. residential mortgage lending brand owned by MLD Mortgage Inc., a consumer finance company that is based in Florham Park, New Jersey with offices nationwide.[1]

History

Further information: Marc Turtletaub

In 1967, the company was founded as Modern Acceptance Corp and it became The Money Store in 1973. The company was based in Union, New Jersey; but after a major revamping and consolidation effort, most of its corporate employees transferred to the newly-built headquarters at The Ziggurat building in West Sacramento, California between 1996 and 1997. It specialized in home equity loans and also was a large Small Business Administration lender. Alan was succeeded as president by his son, Marc Turtletaub. In 1991, the company went public, and in 1997 was listed on the New York Stock Exchange. Baseball Hall of Famer Phil Rizzuto (with his "holy cow" ads) was a longtime advertising pitchman for the company. He was then followed by Jim Palmer, another Hall of Famer.[2]

The company was sold to First Union Corp. of Charlotte, N.C., for $2.1 billion in June 1998. First Union, preparing for the Wachovia merger, split "The Money Store" into four divisions and dumped all of First Union's bad home equity loans into The Money Store's home equity division and took it off its company books two years later, at a loss of $1.7 billion. First Union then transferred the remaining divisions to its subsidiary Wachovia along with 13 billion in shares.[2][3] However, the student loan division, Educaid, and the SBA loan division were retained by First Union.[4]

In 2006, Wachovia (formerly First Union) sold The Money Store name to MLD Mortgage, Inc. There's no direct connection to the old West Sacramento-based company, but a veteran executive of the old company operates it. Morton Dear, chief financial officer of original The Money Store, is the founder and chairman of the new incarnation.[1]

References

  1. 1 2 "New Jersey firm revives "The Money Store" name". January 8, 2006. Retrieved 2015-09-15.
  2. 1 2 Anderson, Mark (February 9, 2001). "Legacy of The Money Store". Sacramento Business Journal. Retrieved 2010-06-09. (archived copy)
  3. ↑ "APPLICATION BY FIRST UNION NATIONAL BANK TO ACQUIRE "THE MONEY STORE", INC" (PDF). Conditional Approval. Comptroller of the Currency Administrator of National Banks. June 29, 1998. Retrieved 2015-09-15.
  4. ↑ Anderson, Mark (June 30, 2000). "Down in flâme". Sacramento Business Journal. Retrieved 2010-06-09.
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